By region, futures orders for the U.S. increased 7 percent; Europe (which includes the Middle East and Africa) increased 12 percent; Asia Pacific grew 19 percent; and the Americas increased 15 percent.
Changes in currency exchange rates increased reported futures orders growth in Europe by 1 percentage point; in the Asia Pacific region by 4 percentage points; and in the Americas region decreased reported futures orders by 1 percentage point.
In the fourth quarter of fiscal 2007 gross margins were comparable to the prior year at 43.8 percent; selling and administrative expenses were 29.0 percent or revenues versus 30.8 percent last year and the effective tax rate was 33.5 percent compared to 34.9 percent last year.
Fourth quarter net income included $19.3 million, net of taxes, related to the expensing of stock options. In addition, the prior year fourth quarter net income included a one-time $30.8 million charge, net of taxes, related to the Converse arbitration ruling.
Excluding these two items fourth quarter diluted earnings per share would have increased 29 percent to $0.90 from $0.70 last year.
For the fiscal year, gross margins were 43.9 percent compared to 44.0 percent last year; selling and administrative expenses were 30.8 percent versus 29.9 percent last year; and the effective tax rate was 32.2 percent compared to 35.0 percent last year.
Net income for the fiscal year included $96.7 million, net of taxes, related to the expensing of stock options and a $9.6 million benefit, net of taxes, for settling the Converse arbitration ruling for less than the amount accrued in fiscal 2006.
Excluding these two items diluted earnings per share for the fiscal year would have increased 15 percent to $3.10 compared to $2.70 last year.
At the end of the fiscal year, global inventories stood at $2.1 billion, an increase of 2 percent from May 31, 2006. Cash and short-term investments were $2.8 billion at the end of the fiscal year, compared to $2.3 billion last year.
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